Vietnamese Rush to Buy Gold as State Lifts Monopoly
Vietnamese consumers flocked to gold shops nationwide on Friday, the first day the state ended its monopoly on bullion production, but many went home empty-handed amid widespread shortages.
By early afternoon, long queues had formed outside the headquarters of the state-owned Saigon Jewelry Company (SJC) in Ho Chi Minh City, where most customers came to buy gold rings. Each buyer was limited to 0.3 tael to prevent hoarding. A tael equals 37.5 grams or 1.2 ounces.
"It’s too hard to buy gold bars, so I decided to get plain rings instead, even with the quantity limit,"
said Hanh, a District 5 resident who tried for two days to sign up online without success. Because of the overwhelming demand, SJC restricted gold bar sales to customers who had pre-registered successfully on its website, a new rule introduced to manage crowds.
Author's summary: Vietnamese face gold shortages after state lifts monopoly.
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